Acquisitions

Coldwell Banker Brokers $7.4M Sale of Two Adjacent Office Buildings in Wilmington, N.C.

by Camren Skelton July 6, 2018

WILMINGTON, N.C. — Coldwell Banker Commercial Sun Coast Partners, a division of Coldwell Banker Commercial, has brokered the $7.4 million sale of two adjacent office buildings in Wilmington. MegaCorp Logistics, a Wilmington-based freight and logistics firm, acquired the assets from First Capital Group. Cody Cress and Tyler Pegg of The Cress Group, a division of Coldwell Banker Commercial Sun Coast Partners arranged the transaction on behalf of First Capital Group, and Spruill Thompson of Cape Fear Commercial represented MegaCorp Logistics. The two-story buildings, located at 1011 and 1013 Ashes Drive, total 30,595 square feet and 16,800 square feet, respectively.

July 6, 2018

Acquisitions Retail Southeast Virginia

Calkain Arranges $6.1M Sale of Retail Strip Center in Northern Virginia

by Camren Skelton July 6, 2018

LEESBURG, VA. — Calkain Cos. has arranged the $6.1 million sale of a multi-tenant strip center located at 400-416 Sycolin Road S.E. in Leesburg, a city in northern Virginia. The sales price equates to $440 per square foot. The names of the buyer and seller were not disclosed. A 9,300-square-foot Kiddie Academy anchors the center, which is co-located with a Walgreens.

July 6, 2018

Acquisitions Retail Southeast Tennessee

TREIS Negotiates $5.2M Sale of 30,000 SF Shopping Center Near Memphis

by Camren Skelton July 6, 2018

CORDOVA, TENN. — Titkin Real Estate Investment Services (TREIS) has brokered the $5.2 million sale of Cordova Village, a 30,000-square-foot shopping center located at 1315 N. Germantown Parkway in Cordova, roughly 23 miles east of Memphis. Adam Titkin and Cliff Weisner of TREIS arranged the transaction on behalf of the seller, Cordova TN LLC. HAO Investment Co. acquired the asset. Cordova Village was 92 percent leased at the time of sale to tenants such as PPG Paints, Subway and Domino’s Pizza.

July 6, 2018

Acquisitions Arizona Hospitality Western

TLG Investment Partners, Concord Wilshire Acquire Sheraton Grand Hotel in Phoenix for $255M

by Amy Works July 6, 2018

PHOENIX — TLG Investment Partners and Concord Wilshire Capital, through an affiliate of TLG Phoenix, have purchased Sheraton Grand Hotel in Phoenix. An undisclosed seller sold the property for $255 million. Marriott International is the majority capital partner with TLG and Concord Wilshire, and will manage the asset. Situated in downtown Phoenix, the hotel features 1,000 guest rooms and 114,000 square feet of indoor and outdoor meeting space.

July 6, 2018

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Brokers $7.5M Sale of Apartment Community in Gilbert, Arizona

by Amy Works July 6, 2018

GILBERT, ARIZ. — Cushman & Wakefield has arranged the sale of Williams Gateway Apartments, a multifamily property located at 5050 S. Power Road in Gilbert. Nasim Sikder of Chandler, Ariz., acquired the property from Chicago-based 29SC Williams Landing LP for $7.5 million. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal. Built in 1982, the property features 72 units in a mix of one- and two-bedroom floor plans. On-site community amenities include a swimming pool, dog park, fire pit, barbecue and laundry center.

July 6, 2018

Acquisitions Arizona Industrial Western

NAI Horizon Negotiates $1.6M Sale of Industrial Property in Chandler, Arizona

by Amy Works July 6, 2018

CHANDLER, ARIZ. — NAI Horizon has arranged the sale of an industrial property located at 2120 S. Douglas Drive in Chandler. Traditional Asset Management acquired the 11,187-square-foot property from John L. Smith for $1.6 million. Mark Wilcke of NAI Horizon represented the seller, while Chris McClurg of Lee & Associates represented the buyer in the deal.

July 6, 2018

Acquisitions Arizona Multifamily Top Stories Western

NexMetro Sells Three Apartment Communities in Suburban Phoenix for $98M

by Kristin Harlow July 6, 2018

CHANDLER AND GOODYEAR, ARIZ. — NexMetro Communities has sold three apartment communities in suburban Phoenix for $98 million. The properties include Avilla Grace and Avilla Heights in Chandler, as well as Avilla Palm Valley in Goodyear. Avilla Grace, which features 194 units, sold for $45 million. An entity of Illinois-based The Inland Real Estate Group of Cos. Inc. was the buyer. Avilla Heights, which features 116 units, sold for $27.8 million. A single-purpose entity formed by California-based The Certe Group was the buyer. The 125-unit Avilla Palm Valley sold for $25.1 million. New York-based RN Falcon LLC was the buyer. Avilla Homes communities feature single-level units for lease. One-, two- and three-bedroom floor plans include private entrances and outdoor patios. The Class A communities each offer a pool, dog park and recreation area. NexMetro partnered with MEB Management Services in 2014 to manage the lease-up and stabilize operations of its Avilla Homes Arizona portfolio. NexMetro and its affiliated companies have been developing Avilla Homes communities since 2010. With more than 4,000 units completed or under construction, NexMetro plans to expand along the entire Sunbelt region of the country. — Kristin Hiller

July 6, 2018

Acquisitions Industrial New Jersey Northeast

HFF Brokers Sale of 260,046 SF Cold Storage Facility in New Jersey

by David Cohen July 5, 2018

PERTH AMBOY, N.J. — HFF has brokered the sale of a 260,046-square-foot industrial cold storage facility in Perth Amboy. Broadstone Net Lease Inc. purchased the asset for an undisclosed price. The facility is currently triple-net leased to Preferred Freezer Storage and features 24 loading doors and clear heights of up to 42 feet. The building also features a super freezer with temperatures that reach negative 60 degrees Celsius. Preferred Freezer Services is the third largest refrigerated warehouse operator in North America, according to HFF. Scott Pertel, Jose Cruz, Jordan Avanzato and Marc Duval of HFF represented the undisclosed seller in the transaction.

July 5, 2018

Acquisitions Connecticut Northeast Office

Normandy Real Estate Partners Sells Office Campus in Connecticut for $4.9M

by David Cohen July 5, 2018

DARIEN, CONN. — Normandy Real Estate Partners has sold Darien Green, a 79,287-square-foot, two-building office campus in Darien for $4.9 million. Darien is located five miles east of Stamford. Fletcher Development and Silver Heights Development acquired the property and, following a capital improvement project, will rebrand the campus as Darien Crossing. The campus was built between 1976 and 1978 and consists of a 50,182-square-foot office building at 320 Boston Post Road and a 29,105-square-foot office building at 330 Boston Post Road. Stamford-based commercial real estate firm RHYS has been appointed as the exclusive leasing agent for the property.

July 5, 2018

Acquisitions Healthcare Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates Sale of Eight-Property Skilled Nursing Portfolio in Southeast Pennsylvania

by David Cohen July 5, 2018

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of the Lightning Portfolio, eight skilled nursing facilities in the Philadelphia metro area. The seller sought to divest the non-core assets, which featured a concentration of high-barrier-to-entry locations in the Philadelphia area. The buyer was a regional owner-operator looking for a growth opportunity. The portfolio totals 1,050 beds. The price and names of facilities were not disclosed. Blueprint’s Ben Firestone, Christopher Hyldahl, Michael Segal and Gideon Orion led the transaction

July 5, 2018

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